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ONGC Videsh Limited (OVL), the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), reported a 15 per cent jump in consolidated Profit After Tax (PAT) at Rs 280 crore for the first six months of the current financial year. On a standalone basis, however, PAT dipped 72 per cent at Rs 134 crore.
“The Company recorded its standalone profit of Rs 134 crore during H1 FY’18 as against profit of Rs 491 crore during H1 FY’17 mainly due to forex movements and provisioning against exploratory carry finance,” OVL said in a release.
The company reported its standalone crude oil and natural gas production fell 5 per cent to 2.579 Million Tonne of Oil Equivalent (MMTOE) in the first six months of the current financial year. On a consolidated basis, the company recorded a 28 per cent year-on year increase in its oil and gas production to 7.013 MMTOE.
OVL added that its subsidiary ONGC Videsh Vankorneft Pte Ltd (OVVL) completed the acquisition of 30 per cent Participating Interest (PI) in Namibia Petroleum Exploration for three blocks and related agreements.
The firm informed the Russian government had approved the extension of Production Sharing Agreement (PSA) for Sakhalin-1 project for 30 years from December 2021 to December 2051.
OVL, along with its consortium partners, has entered into an agreement with Azerbaijan government for extension of duration of PSA for Azeri-Chirag-Deepwater portion of Gunashli oil field until December 2049.
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